Texans Less Financially Stressed Than Others

HOUSTON (Houston Business Journal) – CredAbility’s recent report gauging the economic security of American households has found Texans are on average slightly less stressed than those in other states.
The report gave Texas a consumer distress index score of 65.89 points out of 100, compared with the national score of 65.23. Any score lower than 70 is considered “financial distress.” Only nine states, primarily in the upper midwest and Great Plains, reported indices higher than 70 points.
The report also showed Texans are more financially stressed now than they were during second quarter 2009. CredAbility attributed the sustained economic stress to continuing high levels of unemployment and families struggling to pay their mortgages.
“The average American remains gripped by financial distress,” CredAbility CEO Mark Cole said. “To use a medical analogy, the patient is still in critical condition. Until housing and employment marketing improve significantly, we cannot expect to see significant recovery in these numbers.”